IronFX Accounts Explained: Types, Demo Trading, and Withdrawal Process

IronFX is a CFD and forex broker regulated by multiple authorities, including ASIC, FCA, and under MiFID regulations. IronFX provides 300+ instruments encompassing forex trading, metals trading, indices trading, commodities trading, futures trading, and shares trading. It supports the popular online trading platform MetaTrader 4 but does not offer the MetaTrader 5 or a proprietary trading platform other than its copy trading app, TradeCopier.

Furthermore, IronFXs diverse selection of seven trading account types, including STP and ECN accounts, caters specifically to experienced high-frequency traders seeking competitive pricing. Notably, clients of its Bermuda-based entity have the advantage of accessing high leverage up to 1:1000, offering significant online trading flexibility.

IronFX Account Types

The broker offers a wide range of trading accounts, including accounts for novice traders in the foreign exchange market and more experienced participants. The differences are in the base currency, spread size, minimum volume of transactions and, a commission for the transaction.

Live Floating/Live Fixed Spreads

STP/ECN Account

IronFX Demo Account

IronFX offers two demo accounts, the Demo Floating Spread and the Demo STP/ECN Absolute Zero. The former is fully customizable, while the latter is only available as a USD option with a default balance of $100,000, where traders can select their desired leverage. IronFX lists no expiry times, which is great, as all demo traders require unlimited access. While I recommend the Absolute Zero account for traders, the Demo Floating Spread offers the most realistic demo trading environment.

Compare the IronFX account types

IronFXs floating spread accounts are slightly more competitive than the fixed spread alternatives in normal market conditions. However, this may change at times of heightened market volatility as floating spreads tend to rise at such times.

The ‘Zero Spread’ account is most suitable for traders looking for stability and competitiveness. The account type has fixed raw spreads and a fixed commission.

Round-turn commission, meaning that a traders costs will remain constant regardless of the underlying market sentiment. The combination of the two costs is below the industry average. The account is equally suitable for high-volume and high-frequency trading.

Round-turn means that half of the commission is charged when a position is opened, and the other half is then charged when the position is closed.

IronFX Account Login

Traders can open an IronFX account via the online application form, which follows well-established industry standards. It asks for name, e-mail, phone number, country of residence, and knowledge and experience. The application also asks traders to select their account types, base currency, followed by the desired password for the back office. Some options depend on the geographic location and account type.

IronFX is a multi-regulated broker company, and account verification is mandatory. Most traders will pass verification after submitting a copy of their ID and one proof of residency document. IronFX might ask for additional information on a case-by-case basis. The step-by-step account login process is as follows:

1. Visit the IronFX website.
2. Click on “Register” to start the application process.
3. Fill out the registration form with personal information.
4. Submit identification documents for verification.
5. Fund your account using the preferred payment method.
6. Start trading once the account is verified and funded.

When selecting trading account types, we can also see bonus options such as a 20% iron Bonus, 40% Power Bonus, 100% Unlimited Sharing Bonus, and Vantage Account (No bonus). Exceptional deposit bonuses are up to $4,000.

Deposit and Withdrawal

The minimum deposit at IronFX is $50 for most accounts, except for the Zero Spread option, which requires $500.

IronFX supports bank wires, credit/debit cards, e-wallet, and local payment solutions. There are plenty of deposit options available, though withdrawals are only processed via bank wire. Both are generally free of charge, but third-party banking fees may apply.

An FX withdrawal takes between one and ten business days, dependenting on the payment processors and the geographic location of traders. IronFX accepts traders resident in most countries except the USA, Iran, Cuba, Sudan, Syria, and North Korea. IronFX has traders from 180 countries, making it one of the most accessible broker companies.

IronFX Withdrawal Processing Information

The deposit and withdrawal process is similar. For example, to withdraw money, clients can enter the withdrawal interface through the broker's official website, click on any supported transaction method, and then fill in the withdrawal information including account type, currency, withdrawal amount, etc. If you encounter withdrawal problems, you can contact customer support. The IronFX back office handles all financial transactions for verified clients.

The IronFX minimum deposit is $100. All methods, except for bank transfers, require funds to be credited to the user's account within 24 hours. Processing by the payment system can take from 5 to 7 business days when using a bank transfer. There are no internal deposit or withdrawal fees, except for traders who request a withdrawal without placing a trade, which carries a 3% fee.

Traders should also consider potential third-party processing costs and currency conversion fees. Only verified trading accounts can deposit and withdraw, and the name on the payment processor must match the IronFX account name. Some payment processors have geographic restrictions, but the IronFX back office will only list the ones available to traders.

Is IronFX Safe?

The safety of IronFX is analyzed in two aspects. Clients can choose this foreign exchange broker by comprehensive consideration.

Regulatory Situation

It can be seen that the economic business domain name was registered on February 10, 2018. Through IronFX Broker Check, IronFX is regulated by several reputable authorities, including the Cyprus Securities and Exchange Commission (CYSEC) in Cyprus and the Financial Conduct Authority (FCA) in the UK, and operates under FSCA General Registration in South Africa.

Regulated Country	Regulated Authority	Regulated Entity	License Type	License Number	Current Status
	CYSEC	Notesco Financial Services Ltd	Market Making(MM)	125/10	Regulated
	FCA	NOTESCO UK LIMITED	Straight Through Processing(STP)	585561	Regulated
	FSCA	NOTESCO SA (PTY) LTD	Financial Service Corporate	45276	General Registration

A compensation scheme protects traders against the brokers liabilities in the unlikely event that the company becomes insolvent. In the case of IronFX, only clients of FCA-regulated entities are protected under such schemes.

Negative Withdrawal Reviews

WikiFX Review is a dedicated space that reviews based on research and analysis of investors' brokers. This means investors no longer have to spend hours searching for information about their broker. WikiFX has worked tirelessly to analyze each broker. Let's go through some examples of reviews WikiFX has for investors, showing them how they can weigh up your decision when choosing your broker. WikiFX's mission is to help you protect your money and make the right choice.

Currently, 9 real users negative feedback mainly expresses that brokers have problems with account withdrawals. Traders should consider this factor when choosing a brokerage company.

As a whole, IronFX is safe to trade online with. Client funds are kept in segregated accounts, meaning that the risk of loss of capital due to negligence or bankruptcy of the broker is greatly diminished. Additionally, the forex broker provides negative balance protection.

The forex broker entity does have comparatively high maximum leverage, but selecting a multiplier is up to the trader. Less experienced traders do not have to go for the maximum and can instead choose a lot more comfortable leverage.

Conclusion

IronFX is an online trading broker that offers wide functionality and comfortable trading terms for both novice and professional traders. The company offers a choice of demo accounts and 7 types of real accounts. There are micro-accounts for novice traders and classic and professional trading accounts. The main feature of the professional accounts is the STP/ECN mechanism for bringing transactions to the interbank market, which makes it possible to increase the speed of order execution.

As for withdrawals, the waiting time is sometimes longer than clients would like. Brokers should be more flexible in this regard.